Fed independence rollback to pre-1990s norm
The guest argued that central bank independence is a recent historical anomaly and the US is likely returning to a pre-1990s system where the central bank is a junior partner to the Treasury, coordinating on industrial policy.
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Fed's pause and reduced guidance steepen yield curve
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The guest argued the Federal Reserve's role is shifting from pure inflation targeting to supporting US grand macro-strategic and national security goals.
The guest argued that central bank independence is a recent historical anomaly and the US is likely returning to a pre-1990s system where the central bank is a junior partner to the Treasury, coordinating on industrial policy.